ASX 200 kicks 46 points higher to 8165 (+0.6%). Banks and industrials leading the charge higher. WBC rose 0.9% on a higher dividend and an extension of the buyback. CBA up 1.6% and the Big Bank Basket up to $246.72 (+1.3%). REITs slightly positive, SCG up 0.3% and tech and industrials better, WTC rallied another 2.6% on the calm, XRO up 1.4% and the All-Tech Index up 1.23%. QAN rallied another 1.5% with TCL rallying 2.1%. Healthcare better too, CSL up 1.7%. Resources were mixed, MIN fell 9.6% on the inquiry update that satisfied no one. Iron ore miners eased, BHP down 0.4% and RIO off 1.3% with gold miners slightly better, NST up 0.9% and WGX up 3.2%. Oil and gas stocks pretty flat and uranium stocks slid on lower spot prices, PDN down 3.3% and BOE falling 7.8%. In corporate news, TLX rose 3.5% on some reimbursement news, SGR fell 6.7% as a big line was traded at 20c. GPT reaffirmed guidance, FBU rose 1.5% on NZ Commerce Commission news. Nothing significant on the economic front, some ANZ jobs numbers with China, central banks and US elections the focus. Asian markets better with China up 0.5%, HK up 0.1%. Japan closed for Culture Day. 10Y yields continuing to rise to 4.56%. Dow Futures down 26 points. NASDAQ Futures up 75 points. 

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US equities rebounded from the previous day's sell-off led by Amazon’s 6.2% gain on strong results. Equity markets brushed off weak nonfarm payrolls data rising 12k last month, the smallest gain since December 2020, significantly below forecasts of 113k. S&P 500 advanced 0.41% halting its two-day rout and the NASDAQ rose 0.80%. The Dow added 289 points (+0.69%). Up 563 points at best. Nivida +2.0% will be added to the Dow Jones index replacing Intel +7.8% losing its spot after 25 years. For the week, Dow -0.15%, S&P 500 -1.37%, and NASDAQ off 1.50%. US treasury yields rebounded after initially tumbling on fresh economic data. 10Y yield jumped 10.1bps and the 2Y yield gained 4.2bps. 

ASX SPI up 36 - WBC up dividend 6%.

• Gold inched 0.38% lower pressured by a rising dollar and treasury yields.
• Aluminium -0.84% was the only base metal to fall overnight, with producers selling forward to lock in higher prices.
• Base metals higher supported by a weaker dollar making greenback prices metals cheaper for holders of foreign currencies. Copper +0.43%, nickel +1.40%, zinc +1.02%, lead +2.49%, and tin +2.0%.
• WTI rose 0.33% on reports that Iran was preparing a retaliatory strike on Israel.

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ASX 200 down only 41 points at 8119 (-0.5%) after a good afternoon rally on iron ore miners turning positive. Some slightly better Chinese data helping. BHP up 0.3% and RIO bouncing 1.7%. MIN also doing well up another 3.1%. Gold miners still a drift as bullion stumbles. NST down 0.9% and EVN off 2.1%. Uranium stocks steady and oil and gas better as crude rallies in Asian trade. WDS up 1.1% and STO up 0.7%. Banks were hit as MQG warned of increased competition after results underwhelmed. MQG off 3.6% and NAB falling 1.5% with the Big Bank Basket at $243.47 (-0.6%). Insurers slid and REITs also in the red, SCG off 1.4%. Industrials generally eased back, WES down 1.0% and XRO falling 0.9% with retail seeing some profit taking, JBH off 0.2% and PMV down 1.8%. In corporate news, AMC fell 4.3% despite reaffirming outlook and raising dividend. The probe into ANZ by ASIC has been expanded. On the economic front, economists are winding back hopes for a rate cut in early 2025. MQG reported a $1,6bn interim profit below expectations, talks a second-half bump and lifted its dividend to 240c. On the economic front, nothing locally, In China we had some better news on the Caixin PMI. Asian markets mixed again, with Japan off 1.7%, HK up 1.6% and China up 0.6%. 10Y yields pushing higher again, 4.55%. Dow Futures up 40 points. NASDAQ Futures up 57 points. 

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All three major US indexes finished in the red overnight led by tech stocks. Meta down 4.1% and Microsoft off 6.1% after both companies raised growing AI costs that could hit their earnings despite both companies beating earnings estimates. The Dow Jones traded in red all session finishing near session lows, down 378 points (-0.90%). Down 437 points at worst. The S&P 500 slid 1.86% wiping out the gauges advance for October halting its streak of monthly gains. The NASDAQ dropped 2.76% and small caps Russell 2000 lost 1.63%. Wall Street’s fear gauge the VIX jumped 13.81% and is primed for more volatility in the next few weeks from corporate earnings, the US election, followed by the FOMC meeting.

In economics, the US PCE price index rose 0.2% in September, aligning with expectations, after a 0.1% rise in August. Core PCE posted its highest monthly gain in five months at 0.3%. Personal spending rose 0.5%, exceeding the 0.4% forecast, demonstrating consumer resilience. Initial jobless claims fell by 12k to 216k for the week, beating the 230k forecast.

ASX SPI Down 52

COMMODITIES

• Gold consolidates after record peak, set for fourth straight monthly rise.
• Copper dips as uncertainty counters upbeat Chinese factory data.
• Oil gains more than $2 after settlement on reports Iran preparing Israel attack.
• Shell's $6bn profit smashes forecasts as LNG offsets weak refining.
• Chevron CEO under pressure to halt share slide as Hess deal stalls.
• US oil output hits monthly record high in August, agency says.

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ASX 200 closes down 20 points to 8160 (-0.3%) as some pre-election nerves creeping in. Banks were steady as results loom, NAB the standout up 0.9% with the Big Bank Basket at $244.82 (). Other financials drifted lower, ASX down 1.1% and SQ2 off 0.1%. REITs mixed, SGP up 0.2% and CHC off 0.4%. Industrials under a little pressure, COL down 0.6% on its trading update, WOW continues to struggle, off 2.8%. TLS fell 0.3% with QAN off 0.6% and TWE down 2.0%. Tech mixed, WTC continued to bounce up 2.5%. Retail bounced nicely on a JBH update, moving 5.3% higher. PMV gained 1.4% and LOV up 0.7%.  Resources were weaker again, BHP and RIO down around 1% with FMG unchanged. Gold miners were mixed despite bullion price rises. Quarterlies in focus. Lithium slipped with PLS down 1.0% on broker research following results yesterday. Uranium stocks slightly better, PDN up 3.6% and BOE up 1.2%. In corporate news, MIN jumped 9.2% on news it had sold its oil and gas assets to Gina Rinehart. ORG up 1.4% on a dip in overall production. AGL fell 6.0% on a Barrenjoey report. BUB reaffirmed FY earnings forecast. In economic news, retail sales flat. but building approvals beat estimates. Asian markets mixed again, Japan down 0.9%, HK up 0.5%, China up 0.2%. 10-year yields higher again, 4.51%.

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US equities end in the red following another round of corporate earnings and key economic data. The Dow Jones pared earlier gains and finished at session lows, down 92 points (-0.22%). Up 225 at best. The S&P 500 fell 0.33% and the NASDAQ slid 0.56%. Gaines in Alphabet +2.9% weren’t enough to offset losses in chipmakers with losses in Super Micro Computer -32.68% triggering a sell-off after the company announced that EY had resigned as the company’s accountant.

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The ASX 200 has finished the day down 69 points or 0.8%. Selling set in from the open and continued all session long. The 11:30 inflation print did little to move the dial, showing a 0.2% rise in the September quarter and falling from 3.8% to 2.8% YonY. The smallest yearly rise since Q1 2021.

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Wall Street closed mixed overnight. The NASDAQ hit a record high, gaining 0.78% propelled by gains in tech stocks. Alphabet jumped 5.18% in after-hours trade after topping Q3 revenue and earnings expectations. The Dow fell 155 points (-0.36%) as the market digests a bevy of corporate results. Up 104 points at best. Down 216 points at worst. The S&P 500 saw a mild gain, up 0.16% with all sectors apart from tech in the red.

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ASX 200 closed up 28 points to 8249 (+0.3%) locking in its third consecutive day of gains. Consumer discretionary stocks took centre stage today with MYR falling 1.55% after initially rallying ~7% and PMV advanced 9.9% after the two companies announced they’ve entered a binding agreement to combine apparel brands.

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US equities kicked off the week on a positive note ahead of the busiest week of corporate earnings with 169 companies set to report this week. The Dow added 273 points (+0.65%), shrugging off losses in Boeing -2.8% after the company launched a stock offering that could raise up to $22bn.

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